Iran’s currency down in historic depreciation
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Tehran: Just as US sanctions loom, Iran’s currency touched its historic low with Rial valuing at 113,000 to the dollar today.
The free fall of Rial has been on for years but the recent volte-face in Trump’s Iran policy accelerated its downward spiral. US President announced in May as withdrawing from Iran nuclear deal.
The previous record fall of the Rial against the Dollar was in late June with Rial at 87,000.
Meanwhile, in a damage-controlling move, the government replaced the country’s central bank governor Valiollah Seif last week. His policies have been blamed for the downward spiral of Rial.
US sanctions could prove difficult for Iran, given the fact that the country would be banned from buying or acquiring US dollars, which will come into effect in August.
Alongside, there would be restrictions on purchasing Iran’s crude oil and investing in its oil sector.